Debt (Tables)

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Carrying value of outstanding debt

The following table summarizes the carrying value of our outstanding debt (in millions, except percentages):

	Coupon	As of		Effective		As of		Effective
	Rate	June 30, 2020		Interest Rate		December 31, 2019		Interest Rate
Long-Term Debt
Floating Rate Notes:
Senior notes due 2023	LIBOR plus 0.87%	$	400	1.734	%	$	400	2.913	%
Fixed Rate Notes:
Senior notes due 2020	2.150%	—		—	%	500		2.344	%
Senior notes due 2020	3.250%	500		3.389	%	500		3.389	%
Senior notes due 2021	2.875%	421		2.993	%	750		2.993	%
Senior notes due 2022	3.800%	750		3.989	%	750		3.989	%
Senior notes due 2022	2.600%	1,000		2.678	%	1,000		2.678	%
Senior notes due 2023	2.750%	750		2.866	%	750		2.866	%
Senior notes due 2024	3.450%	750		3.531	%	750		3.531	%
Senior notes due 2025	1.900%	800		1.803	%	—		—	%
Senior notes due 2027	3.600%	850		3.689	%	850		3.689	%
Senior notes due 2030	2.700%	950		2.623	%	—		—	%
Senior notes due 2042	4.000%	750		4.114	%	750		4.114	%
Senior notes due 2056	6.000%	750		6.547	%	750		6.547	%
Total senior notes		8,671				7,750
Hedge accounting fair value adjustments (1)		12				15
Unamortized premium/(discount) and debt issuance costs		(33)				(44)
Other long-term borrowings		11				17
Less: Current portion of long-term debt		(500)				(1,000)
Total long-term debt		8,161				6,738
Short-Term Debt
Current portion of long-term debt		500				1,000
Unamortized premium/(discount) and debt issuance costs		—				(1)
Other short-term borrowings		16				23
Total short-term debt		516				1,022
Total Debt		$	8,677			$	7,760

(1) Includes the fair value adjustments to debt associated with terminated interest rate swaps which are being recorded as a reduction to interest expense over the remaining term of the related notes.